fan. 1  Historical a device for winnowing grain. 2  any device or machine used to set up a current of air for ventilating or cooling; specif., any flat surface moved by hand. a folding device made of paper, cloth, etc. which when opened has the shape of a sector of a circle. 3  anything in the shape of a fan (noun), as the tail of a bird.
In addition, interest on home equity debt can also be deductible. Home equity debt essentially includes any other loan that is secured by your main home or second home. A lower borrowing limit of $100,000 for most taxpayers or half that for married taxpayers filing separately applies to home equity debt. What counts as mortgage interest? The portion of your monthly payment that goes to interest clearly counts as deductible mortgage interest for these purposes.
Claim on your income tax return the interest that you paid on your home equity loan during the previous year. You can claim the interest as a tax deduction if the home equity loan is up to $100,000 in value.There are no restrictions on what you use your home equity loan for.However, you might not qualify for this deduction if youâve reached deductibility limits or your benefits are negated by the alternative minimum tax.ome ownership can pay off for the homeowner through a variety of tax incentives and deductions. One way to leverage your home to earn a bigger deduction on your annual income taxes is through a home equity loan. IRS rules allow you to claim the interest you pay as an itemized deduction.